UK equity release schemes allow you to take an income or tax-free cash from your property. Available from age 55, if you have no mortgage or very little on our mortgage then you may qualify for an equity release scheme.

For a 65 year old typical amounts you can release are around 25% of the property value. So for a property worth around £200,000 this will allow you to release about £50,000 to spend on what you like. You could if you prefer drawdown a monthly amount instead and perhaps this would allow you to have a monthly income of £200.

These equity release schemes are similar to the reverse mortgages that are available in the US.